• Binance Coin price tags all-time high but fails to gain traction.
  • Symmetrical triangle breakout estimates a measured move of 35%.
  • Daily active addresses plummet during latest rebound.

Binance Coin price projects a measured move of 35% from the symmetrical triangle trigger price. Today’s first breakout attempt proved to be indecisive, leaving BNB to drift back into the pattern.

Binance Coin price on pace for the fourth-best month since 2017

April was an exciting month for the cryptocurrency market, highlighted by several 50% declines. BNB also fell with the collective sell-off, but its performance on a relative basis was striking and paved the way for today’s breakout.

Binance Coin price is currently up 99.71% for April, making it the fourth-best monthly return since July 2017 and the sixth consecutive positive month. The altcoin is also on pace to close the week up 20%. The numbers reflect tremendous relative strength and position BNB as a leader if the broad rebound continues in the cryptocurrency market.

At the moment, CoinMarketCap shows a BNB market capitalization of $92 billion, the third-largest cryptocurrency, suggesting it would be in the spotlight, but that is not the case. The digital token has quietly outlined a symmetrical triangle pattern with a measured move target of just over 35%, targeting a price of $847.25 from the current position of the triangle’s upper trendline. The target correlates closely with the 161.8% Fibonacci extension of the April decline at $827.48.

The April 12 high at $643.37 offered some stubborn resistance earlier today and remains the critical barrier to Binance Coin price reaching the measured move target. Beyond $827.48, speculators need to consider the 261.8% extension of the 2019-2020 bear market at $932.62.

Big game hunters can target the 261.8% extension of the February crash at $1,124.11.

BNB/USD daily chart

BNB/USD daily chart

In February and April, the crypto space has reminded market operators of the need for sound risk management preparations. A failure of the breakout would flip attention to support. Critical support begins at the triangle’s lower trend line at $484.68, followed by the 50-day simple moving average at $399.35 and the February high at $368.17.

To corroborate the importance of solid risk management in any investment methodology, the number of daily active addresses has fallen from a high of 313.4K on April 20 to 57.9K as of today, representing an 80% decline. A bearish development considering that BNB was on the doorstep of an all-time high.

The sharp decline in addresses connecting to the BNB network illustrates a general exodus of speculators based on profit-taking or a simple reallocation of funds. Moreover, it implies that Binance Coin price may need to reset inside the triangle before achieving a sustainable breakout.

BNB daily active addresses

BNB daily active addresses

The technical evidence reinforces a bullish BNB outlook, but the on-chain metric of daily active addresses does raise caution regarding the altcoin’s intentions in the immediate future.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Dogecoin is a security and will be regulated, says Jim Cramer

The host of Mad Money, a CNBC show, issued a warning to Dogecoin holders. Cramer believes that Dogecoin is a security and it will be regulated soon. Analysts believe that the Dogecoin price could start an uptrend. 

More Dogecoin News

Shiba Inu price set to crash by 70% as critical support weakens

Shiba Inu (SHIB) price continues to be controlled by bears after the dead-cat bounce in stock markets yesterday evening. With the Nasdaq closing sharply lower, giving up earlier gains, cryptocurrencies are being dragged into a selloff on its coattails, and bearish headwinds  persist.

More Shiba Inu News

Chainlink price at make-or-break point while global markets tumble

Chainlink price has seen a massive collapse over the past five days, resulting in a retest of a crucial barrier. This downswing is not localized to the crypto markets and seems to originate on Wall Street after the Fed tightens the interest rates.

More Chainlink News

Bitcoin Weekly Forecast: BTC may capitulate to $30,000

Bitcoin price has dropped considerably over the last three weeks. The recent downswing has made things worse for BTC and hints that a steep correction could be on its way.

More Bitcoin News

Bitcoin: BTC may capitulate to $30,000

Bitcoin price has dropped considerably over the last three weeks. The recent downswing has made things worse for BTC and hints that a steep correction could be on its way.

Read full analysis

BTC

ETH

XRP